Revenue Management Strategies (Ep592)
Summary
This interview with a revenue management expert discusses strategies for optimizing revenue in short-term rentals, including the importance of competitive analysis and creating effective CompSets. Hosts should focus on understanding opportunity revenue and utilizing tools to track and compare their performance against competitors.
Key Insights
- •Opportunity revenue is the potential revenue a host is missing out on compared to their competitors. It's an important metric to track, especially when the overall market might be down.
- •The speaker advises using CompSets of 5-25 comparable properties to assess your own performance. They recommend adjusting the comp set every quarter.
Action Items
- ✓Analyze your competitors' occupancy and rates, as well as your own to determine if you can raise prices on certain dates.Effort: lowImpact: medium
- ✓Create and regularly review a CompSet to understand competitor performance.Effort: mediumImpact: medium
Tools & Resources
- →VRMA Conference: The article mentions VRMA conference.
Related News
KB Home bets on built-to-order strategy amid a spec-heavy market
KB Home is shifting its focus to a built-to-order (BTO) strategy, aiming for higher margins in a challenging market. Hosts should pay attention to this trend as it may impact competition and pricing in their local markets, especially if private builders react to the changes.
![An Overview of Dynamic Pricing for Hosts [+5 Tools Included]](/_next/image?url=https%3A%2F%2Fwww.igms.com%2Fcontent%2Fimages%2Fwordpress%2F2022%2F10%2FDepositphotos_dynamic_pricing.jpg&w=3840&q=75)
An Overview of Dynamic Pricing for Hosts [+5 Tools Included]
This article discusses dynamic pricing for short-term rentals, explaining how it works to optimize revenue and occupancy by adjusting rates based on market conditions. Hosts should consider implementing dynamic pricing, using tools that automatically adjust rates, to stay competitive and maximize profits.
United Real Estate CEO Dan Duffy on the roadmap for competitive advantage
This article highlights the importance of data and AI in gaining a competitive edge in the 2026 housing market, emphasizing that hosts who prioritize data-driven decisions and adapt to market changes will thrive. Hosts should focus on leveraging data and AI to make informed decisions about their STR business to capture market share.
Foreclosure Starts Fall 7.6% Nationally, But These Key Counties Show Rising Distress
Foreclosure starts are down nationally, but certain counties are seeing a rise in early-stage filings, which can indicate future pre-foreclosure opportunities. Hosts in Florida, California, Ohio, North Carolina, and Texas should monitor county-level data to anticipate potential distressed property sales and consider how this might affect their local markets.